Let’s find out what is so special about the pension reform and how it may affect the Brazilian currency.
AUD/NZD: bulls break wedges
On the AUD/NZD daily chart, there is a rollback towards 61.8% from the wave 4—5 of the Expanding Wedge pattern. The failure of the Bears to keep quotes below the convergence zone 1.0507 – 10512 will tell us about their weakness and might lead to the development of the correction towards the long-term downward trend. In contrast, a fall of quotes below 1.0397 and 1.0377 will increase the risks of continuation of the downward rally.
On the AUD/NZD hourly chart, the rise of quotes towards 61.8% and 78.6% levels from the CD wave of the Shark pattern will allow the Bulls to restore the short-term trend.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…